[EN] Much has been written about the commercial privileged companies projected during
the 17th century and it would appears that nothing more could be added. However, unpublished
documentation of General Archives of Gipuzkoa about a project for an armed or
privateering trade company in 1667 and about the negotiations carried out from 1667 to 1670,
allowed us to deepen into the factors that lead to the failure of all the proposals made during
the reigns of Philip II and Charles II of Spain and to re-read all the information published to the
date. From 1628, when as a result of the disaster of the Spanish fleet in Matanzas, many projects
come to light in order to set up a armed trade company, under royal protection, following the example of other countries, such as Netherlands, England or France. In spite of its failure,
the proposals were not forgotten and in each new attempt were revised and recovered, being
the experiences applied cumulatively.